Can you explain a bit more about how TrueWork's product functions? I'm not entirely clear if it's consumer-permission verification of income from payroll providers or bank account statements. I'm trying to understand the product from a broader perspective before we delve deeper.

TrueWork completes verifications in several ways. There's TrueWork Instant, similar to The Work Number. If we have access to payroll information, we share it through payroll partnerships, much like The Work Number. You can use TrueWork Instant. Another method is TrueWork Credentials, which embeds the TrueWork flow into your lending process. For example, if a customer is applying for a mortgage online, we embed a user login into their payroll system, like ADP. This is an embedded user flow, allowing us to access payroll information at that point. Think of it as an embedded widget.

Can you explain a bit more about how TrueWork's product functions? I'm not entirely clear if it's consumer-permission verification of income from payroll providers or bank account statements. I'm trying to understand the product from a broader perspective before we delve deeper.

If those methods don't work, we have TrueWork Smart Outreach, which is what lenders typically do in-house. If we can't find information through a payroll system or online, we pick up the phone and call. Our value proposition is that we do this work for you, so you don't need to staff a team of loan officers to hunt down verifications. We've built a smart outreach engine that knows who to contact and what to ask for to get the information. We stitch all this together, making us a one-stop shop with a verification waterfall that you'll hear me talk about.

Do you think most lenders already have a process for this, or are they more likely just paying The Work Number? If it doesn't come through, are they doing manual verification?

Smaller credit unions are more cost-conscious. They might start with The Work Number, but often create their own spreadsheets. For example, verifying employment at McDonald's is challenging. Do you work at corporate, a franchise, or which location? They might only capture that someone worked at a McDonald's in San Francisco, but there are 30 locations there. A small credit union offering credit underwriting knows The Work Number might not have the correct information. They might verify manually, and this is where TrueWork gained traction. TrueWork serves as a second option in the verification process, doing a good job without needing to staff a team of 10 to 20 people for calls.